UK GDP Growth Revised Up
The British economy advanced 0.6 percent on quarter in the last three months of 2015, higher than a 0.5 percent estimate earlier released and compared to a 0.4 percent growth in the previous quarter. Consumer demand remained the main driver of growth and the negative impact from trade came lower than expected while the drag from business investment was larger.
3/31/2016 10:12:43 AM
Household expenditure made the largest contribution to growth, up 0.6 percent from the previous quarter (0.7 percent in the second estimate). Government spending edged up 0.3 percent (0.5 percent in the second estimate) and non-profit institutions serving households’ consumption grew 0.7 percent (0.5 percent in the second estimate).
In contrast, gross fixed capital formation declined 1.1 percent (-0.1 percent in the second estimate), of which business investment slumped 2 percent (-0.2 percent).
Exports rose 0.1 percent (-0.1 percent in the second estimate) and imports grew 0.9 percent (1.2 percent in the second estimate), bringing net trade contribution to -0.3 percentage points (-0.4 percent in the second estimate).
Year-on-year, the economy expanded 2.1 percent, higher than preliminary estimates of 1.9 percent and the same as in the previous period. Full 2015 growth rate was also revised up to 2.3 percent from 2.2 percent and compared to 2.9 percent in Q4.